(Ecofin Agency) - Access Holdings, a Nigerian financial group, completed the acquisition of five subsidiaries from Standard Chartered. This helps expand its operations to a 15th African country.

This strategic move sees Access Holdings entering the Tanzanian banking market for the first time, while also strengthening its presence in Angola, Cameroon, Gambia, Sierra Leone, and Tanzania. The acquisition is subject to regulatory approvals.

Access Holdings, known for its financial services expertise, has acquired majority stakes in Standard Chartered's subsidiaries in these countries, aiming to solidify its position as a leading player in sub-Saharan Africa. Upon receiving the necessary regulatory approvals, Access Holdings will be actively operating in a total of 15 African countries.

Herbert Wigwe, CEO of Access Holdings, emphasized that these transactions align with the company's strategic vision to consolidate its presence in sub-Saharan Africa. This expansion will help Access Holdings capitalize on synergistic diversification opportunities and drive revenue growth.

It is worth noting that Access Holdings already has a 51% stake in Finibanco, a commercial bank in Angola. Additionally, it obtained regulatory approval to commence banking operations in Cameroon in April 2022. Access Bank has been operating in Sierra Leone since November 2007, and in Gambia, it received approval for commercial banking activities in October 2006. These existing operations will be further enhanced by the acquisition of Standard Chartered's subsidiaries.

The expansion of Access Holdings signifies its commitment to driving economic growth and financial inclusion across the African continent while solidifying its position as a key player in the region's banking sector.

Charmberline Moko